The medical radiation shielding market studied is anticipated to witness a CAGR of nearly 4.6%, during the forecast period.
· Certain factors driving the market growth include increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, rising incidences of cancer, and growing safety awareness among people working in radiation-prone environments.
· Cancer rates could further increase by 50%, to 15 million new cases by2020, as per the World Cancer Report. It also provides clear evidence that healthy lifestyles and public health action by governments and health practitioners could stem this trend, and prevent as many as one-third of cancers, worldwide.
· The American Cancer Society, the leading body in cancer stats and figures, reports 1,685,210 estimated new cancer cases and 595,690 deaths due to cancer in 2016, in the United States.
· The National Cancer Institute reports that more than 60% of the world’s new cancer cases occur in Africa, Asia, and Central and South America; 70% of the world’s cancer deaths also occur in these regions. The International Agency for Research on Cancer (IARC) predicts that by 2030, the global burden is expected to rise to 21.7 million new cancer cases and 13 million cancer deaths, simply due to growth and aging of the population, leaving aside factors, such as smoking, poor diet, physical inactivity, and fewer childbirths in economically developing countries.
· According to WHO, almost 70% of deaths from cancer occur in low- and middle-income countries, and only one in five low- and middle-income countries has the necessary data to drive cancer policy. This global and extensive threat of cancer remains a major market driver for new cancer therapies that help in risk assessment, early diagnosis, and effective monitoring of the treatment.
Key Market Trends
Diagnostic Shielding Holds Significant Share in the Global Medical Radiation Shielding Market
Medical imaging has witnessed numerous advancements in recent times. The emerging technologies help in enhancing the resolution and quality of the medical images. The development of a new and compact superconducting magnet can improve MRI applications soon. Moreover, MRI systems are getting better every day. Recently developed MRI systems with power equivalent to 150,000 times Earth's magnetic field can produce images in greater detail than standard cardiac images. These technological advancements in medical imaging will promote the usage of the PET, SPECT, and other diagnostic devices that are likely to drive the market over the forecast period.
The healthy growth of the nuclear imaging market is evident with new technologies introduced every year. Radioisotopes are an integral part of medical diagnostic procedures. Combined with imaging devices, which register the gamma rays emitted from within, these isotopes can study the dynamic processes taking place in various parts of the body.
Advanced imaging technologies have increased the diagnostic yield for the detection of a number of diseases that were earlier difficult to diagnose, especially during the early stages of disease pathology. Thus, increasing medical imaging is expected to drive the growth of the concerned segment of the market.
North America Dominates the Medical Radiation Shielding Market
In the North American region, the United States accounted for the largest market share. In 2016, the AMIPA (American Medical Isotope Production Act) and the DOE/NNSA (Department of Energy) established a Uranium Lease and Take-Back (ULTB) program in the United States. Under this program, the DOE/NNSA makes LEU (Low Enriched Uranium) available through lease contracts for the irradiation and production of Mo99 for medical uses. The AMIPA not only promotes the domestic production of Mo-99, but it also aims to replace the role of HEU (High Enriched Uranium) in the production of medical radioactive isotopes.
Furthermore, Canada is a long-standing leader in the field of nuclear imaging. The technology is found to be used by the researchers in applications of cardiology, oncology, and neurology, as well as musculoskeletal imaging, ophthalmology, dermatology, and dentistry. Canada is one of the largest producers of Technetium-99m. With the use of Tc-99m in radiopharmaceuticals, the market is expected to grow at a tremendous rate in Canada. It is also combined with a variety of biologically active molecules to perform non-invasive, real-time imaging of the human body.
In Mexico, there has been an increasing awareness among people about nuclear medicine treatment and diagnosis, which, in turn, has increased the need for radiation shielding. This is expected to trigger the growth of the market.
The medical radiation shielding market is competitive and consists of a few major players. Companies like A&L Shielding, Amray Medical, ETS-Lindgren, Gaven Industries, Inc., Global Partners in Shielding Inc., MarShield, Nelco Inc., Radiation Protection Products Inc., Ray-Bar Engineering Corp., and Veritas Medical Solutions LLC, among others, hold the substantial market share in the market.
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